Cryptocurrency Markets Remain Stable Ahead of Good Friday

Francisco Rodrigues reports (all times ET unless otherwise specified) that Bitcoin, currently at $71,159.35, is experiencing a period of stagnation near $66,600 as it approaches the Good Friday holiday, with its price movement influenced by ongoing geopolitical tensions and shifting macroeconomic expectations. Although Bitcoin saw a slight increase over the last 24 hours, it was unable to break through the $67,000 barrier. This struggle is partly due to U.S. President Donald Trump's hardened stance on Iran, which now includes threats to the country's infrastructure. The price of Brent crude has reached $120 per barrel, a level not seen since 2008, due to the ongoing crisis and its impact on the Strait of Hormuz, a crucial route for global oil transportation that has effectively been shut down. The resulting surge in energy prices has driven up inflation expectations and undermined the case for interest rate cuts, a key factor supporting Bitcoin's recent rally. European inflation has already risen to 2.5%, primarily driven by energy costs. This pressure has exposed a divide in market structure, with institutional investments in Bitcoin ETFs remaining steady, totaling $22 million in net inflows this week. However, data from CryptoQuant indicates that total apparent demand has turned negative, with large holders selling more than they are accumulating. Since last year's peak, wallets holding 1,000 to 10,000 BTC have sold nearly 188,000 BTC, according to the data. With almost half of all circulating Bitcoin currently trading at a loss at the present price, the market is poised for potential higher volatility over the long weekend, depending on developments in the Middle East or statements related to the macro economy. For more in-depth analysis of today's altcoin and derivatives activity, visit Crypto Markets Today. Key events to watch include those listed in CoinDesk's 'Crypto Week Ahead'. Additional news includes a French ship crossing the Strait of Hormuz, the first Western European transit during the Iran war, potentially encouraging other carriers to resume operations if the corridor proves reliable. The U.S. has also repatriated a Chinese drug fugitive, a rare move indicating cooperation ahead of the planned Trump-Xi summit next month. Iran has targeted Gulf energy sites, and Japan has signaled its readiness to intervene in the foreign exchange market as volatility rises.